GSP Crop Science Limited
Bookbuilding IPO · NSE, BSE
- Price band
- ₹304 - ₹320
- Lot size
- 46 shares
- Issue amount
- ₹400 cr
- Total subscription
- 1.64×
- Opens
- 16 Mar 2026
- Closes
- 18 Mar 2026
- Allotment
- 20 Mar 2026
- Listing
- 24 Mar 2026
Offer at a glance
Issue overview
- Issue size
- 1,25,00,000 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹13,984
- Fresh issue
- ₹240 cr
- Offer for sale
- ₹160 cr
- Registrar
- Link Intime India Private Limited
- Listing exchange
- NSE, BSE
- Maximum investment
- ₹14,720
- Issue type
- Bookbuilding IPO
- Shares before issue
- 3,90,18,750
- Shares after issue
- 4,65,18,750
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 1 | 46 | ₹14,720 |
| sHNI | 14 | 644 | ₹2,06,080 |
| bHNI | 68 | 3,128 | ₹10,00,960 |
Share reservation
Subscription & GMP
Subscription by category
Reported 18 Mar 2026
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 95,109 | 33,777 |
| HNIs(10L +) | 1,941 | 231 |
| HNIs (2-10L) | 970 | 1,126 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 80 | 212.68 |
| FIIs | 0 | 141.98 |
| FIs | 0 | 0.14 |
| Others | 0 | 70.56 |
| RETAIL | 140 | 58.42 |
| NIB | 60 | 188.47 |
| HNIs 2+ | 20 | 23.99 |
| HNIs 10+ | 40 | 164.49 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Sep-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| EPS | 21.22 | 21.2 | 13.49 | 4.2 |
| ROE | 15.62 | 18.38 | 15 | 4.79 |
| ROCE | 15.45 | 19.8 | 18.91 | 9 |
| RONW | 0 | 0 | 0 | 0 |
| PRE IPO(PE) | 0 | 15.34 | 0 | 0 |
| POST IPO(PE) | 9.18 | 0 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| PI Industries | 28.25 | 0 | 1.00 | 669.47 | 16.35 | 109.44 |
| Sumitomo Chemical India | 39.23 | 0 | 10.00 | 58.12 | 17.42 | 10.13 |
| GSP Crop Science Limited | 15.34 | 0 | 10.00 | 115.34 | 18.38 | 21.20 |
| Dhanuka Agritech | 15.13 | 0 | 2.00 | 311.17 | 21.18 | 65.55 |
| Rallis India | 40.12 | 0 | 1.00 | 97.92 | 6.61 | 6.43 |
| Bharat Rasayan | 4.14 | 0 | 10.00 | 2,719.44 | 12.47 | 339.14 |
| India Pesticides | 21.57 | 0 | 1.00 | 78.01 | 9.15 | 7.14 |
| Excel Industries | 13.13 | 0 | 5.00 | 1,263.83 | 5.37 | 67.87 |
| Heranba Industries Limited | 252.92 | 0 | 10.00 | 210.13 | 0.37 | 0.77 |
Company information
Company profile
GSP Crop Science Limited, incorporated in 1985, is an agrochemical company engaged in the manufacturing of insecticides, herbicides, fungicides, and plant growth regulators that help farmers improve crop productivity and protect plants from pests, weeds, and diseases. The company develops, manufactures, and supplies a wide range of crop protection solutions in the form of formulations and technicals, serving both domestic and international B2B customers in the agrochemical industry. Over the years, it has built long-term relationships with clients, providing a diversified customer base in a dynamic market environment. As of September 30, 2024, the company had received 507 registrations for its agrochemical products and held 89 patents, with patented products contributing ₹1,441.11 million, or about 20.73% of revenue, during the six months ended September 30, 2024. GSP Crop Science also focuses on research and development to improve its formulations and technicals, supported by dedicated facilities at Kathwada and Odhav for testing, commercialization, and production of complex chemistries for the agrochemical industry.
Strengths
- Diversified Agrochemical Portfolio: Offers insecticides, herbicides, fungicides, and plant growth regulators across formulations and technicals, supported by 524 product registrations.
- Strong In-House R&D: Dedicated research facilities support innovation, new product development, and process improvements.
- Robust Manufacturing Infrastructure: Operates five manufacturing units with strong capacity for technicals, formulations, and intermediates.
Risk factors
- Regulatory Approval & Licensing Risk: Operations depend on statutory approvals and product registrations from authorities such as CIBRC. Any delay, failure to obtain, or non-renewal of these approvals may affect operations.
- Quality & Technical Compliance Risk: Products must meet strict quality and technical standards. Any failure in manufacturing processes, raw material quality, or compliance could lead to customer loss and reputational damage.
- Distribution Network Dependency Risk: The domestic formulations business relies heavily on a wide distributor network across India. Any disruption or ineffective management of this network may impact sales and growth.
Promoters
Bhavesh Vrajmohan Shah
Tirth Kenal Shah
Vilasben Vrajmohan Shah
Falguni Kenal Shah
Alpha Trust
Kappa Trust
Registrar & documents
Lead manager
Equirus Capital Private Limited, Motilal Oswal Investment Advisors Limited
Registrar & contacts
Link Intime India Private Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
404, Lalita Complex, Rasala Road, Mithakhali Six Road, Navrangpura, Ahmedabad, Gujarat, 380009
+91 79 61915165
[email protected]Company website ↗Understanding GSPCROP IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.